MIRA INFORM REPORT

 

 

 

Report Date :

04.09.2008

 

IDENTIFICATION DETAILS

 

Name :

ERNEST H JOHNSON (PTY) LTD

 

 

Formerly Known as :

PRESENT PERFECT (PTY) LTD

 

 

Registered Office :

Stand 258, Brunel Road, Tulisa Park, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.02. 2003

 

 

Com. Reg. No.:

2003/004010/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Supplier of Agricultural Spares and Equipment and General Mining Engineers.  Railway and Mining Industries

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME

 

ERNEST H JOHNSON (PTY) LTD

 

Formerly PRESENT PERFECT (PTY) LTD, the name having been changed.

 

 

PHYSICAL ADDRESS

 

Stand 258, Brunel Road

Tulisa Park

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 7536

JOHANNESBURG

2000

 

TELEPHONE NUMBER: 011613 8711

FAX NUMBER:  011623 1855

 

 

SHAREHOLDERS

 

Ordinary Shares:

 

45%      R D MORAR

45%      J PAHAD

10%      G E A JOHNSON

 

Preferential Shares:

 

THE INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTHA FRICA LTD – R3.5 million

 

 

ASSOCIATE COMPANIES

 

AIRMODE CC (property owning company)

BARRY'S HOLDINGS CC (property owning company)

HARDY CROP PROTECTION SA (PTY) LTD

 

DIRECTORS

 

R D MORAR      ID No. 4610215062086

J PAHAD          ID No. 4502285075082

 

 

BANKERS

 

STANDARD BANK, Alberton branch, Account Number: 020646313.  It was stated that the subject enjoys overdraft facilities to an extent of R500 000, secured a cession of debtors.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

20 February 2003

Registration Certificate Number: 2003/004010/07

 

It was stated that the subject commenced active operations when the assets and operations of a company namely, ERNEST H JOHNSON (PTY) (Reg. No. 1936/008204/07) were sold as a black economic empowerment deal to management.  The company changed its name to ERNEST H JOHNSON INVESTMENTS (PTY) LTD and is dormant and in the process of being liquidated.

 

 

VAT NUMBER    

 

4780207843

 

MAJOR OPERATION

 

Supplier of agricultural spares and equipment and general mining engineers.  Railway and mining industries

 

 

MAJOR SUPPLIERS

 

The subject imports tractor spares from Turkey, UK and Spain and deals locally with:

 

DANZAS AEI Johannesburg

NP SHIPPING Johannesburg

SA BOLT Johannesburg

TRIDENT STEEL Johannesburg

ARCELOR MITTAL Vereeniging

ZAK STEELJohannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Farming industry and the mines

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Zimbabwe, Botswana, Mozambique, Malawi, Namibia, Swaziland, Zambia, and small to Kenya.

 

 

TOTAL EMPLOYEES

 

100

 

 

OTHER PREMISES   

 

The subject has a factory in Alrode

 

 OWNED OR LEASED:  The premises are reported to be owned by AIRMODE CC with a value of R2 million, free of bond. The factory in Alrode is owned by BARRY'S HOLDINGS CC and is valued in the region of R2 million, free of bond.

 

The following estimated financial situation was submitted:

 

STOCKR                                   8 000 000

DEBTORS                                 R4 00 000

CREDITORS local & foreign        R2 500 000

TURNOVER per month               R 400 000

 

 

AUDITORS    

 

B D O SPENCER STEWARD INC, Johannesburg

 

 

YEAR END    

 

JUNE

 

INSURANCE BROKERS 

 

MUTUAL INTEREST

 

 

TRADE REFERENCES – APRIL 2006

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         15 yrs               R100 000          R300 000          30 days             30 days             Excellent

 

2.         15 yrs               declined            R500 000          30 days             30 days             Excellent

 

3.         5 yrs +              declined            declined            30 days             30 days             Excellent

 

4.         02/19                R500 000          R  30 000 -        30 days             30 days             Good

R500 000 fluctuates

 

5.         15 yrs               R300 000          R  50 000 -        30 days             30 days             Good

R300 000 fluctuates

 

6.         1991                 R    5 000          R    5 000          30 days             30 days             Good

sporadic purchases

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         Do not give trade references

 

3.         2006                 R450 000          R100 000          30 days             30 days             Very good

 

4.         5 yrs                 declined            declined            30 days             30 days             Very good

c/l

 

5.         Old acc             R400 000          R  50 000 -        30 days             30 days             Very good

R350 000

 

 

COMMENTS

 

This is a fairly established company which is meeting its commitments timeously.   The subject is considered equal to its normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.78.09

Euro

1

Rs.63.41

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions